nVent Electric PLC (NVT) 2026 Q1 法說會逐字稿

Good day, and welcome to the nVent Electric's first quarter 2026 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 nVent Electric 2026 年第一季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to Tony Riter, Vice President of Investor Relations. Please go ahead.

現在我想把會議交給投資人關係副總裁 Tony Riter。請開始。

Thank you, and welcome to nVent's first quarter 2026 earnings call. On the call with me are Beth Wozniak, Chair and Chief Executive Officer; and Gary Corona, our Chief Financial Officer.

謝謝，歡迎參加 nVent 2026 年第一季財報電話會議。與我一同出席的有董事長兼執行長 Beth Wozniak，以及我們的財務長 Gary Corona。

Today, we'll provide details on our first quarter performance and outlook for the second quarter and an update to our full year outlook. All results referenced throughout this presentation are on a continuing operations basis, unless otherwise stated.

今天，我們將提供第一季業績與第二季展望的細節，並更新全年展望。除非另有說明，本簡報中提及的所有結果皆以持續營運基礎呈現。

Before we begin, let me remind you that any statements made about the company's anticipated financial results are forward-looking statements subject to future risks and uncertainties, such as the risks outlined in today's press release and nVent's filings with the Securities and Exchange Commission.

在開始之前，提醒各位，任何關於公司預期財務結果的陳述均屬前瞻性陳述，並受未來風險與不確定性影響，例如今日新聞稿以及 nVent 向美國證券交易委員會提交文件中所列示的風險。

Forward-looking statements are made as of today, and the company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results. Today's webcast is accompanied by a presentation, which you can find in the Investors section of nVent's website. References to non-GAAP financials are reconciled in the appendix of the presentation. We'll have time for questions after our prepared remarks.

前瞻性陳述係以今日為準，公司不承擔公開更新該等陳述以反映後續事件或情況的義務。實際結果可能與預期結果存在重大差異。今日的網路直播搭配一份簡報，您可在 nVent 官網的投資人專區找到。非 GAAP 財務指標之對帳表列於簡報附錄。在我們的準備發言結束後，將保留時間進行問答。

With that, please turn to slide 3, and I will now turn the call over to Beth.

接下來，請翻到第 3 頁投影片，我現在把電話交給 Beth。

Good morning, everyone. I am pleased to share with you our outstanding first quarter results and cover some key business highlights. We had a tremendous start to the year with record sales, orders and backlog exceeding our expectations. This was our third consecutive quarter with sales of more than $1 billion. Both sales and EPS significantly exceeded our guidance, driven by strong sales growth in the infrastructure vertical led by data centers.

各位早安。我很高興與各位分享我們第一季的亮眼成果，並說明幾項重要的業務重點。我們以破紀錄的銷售、訂單與在手訂單（backlog）為今年開出強勁的開局，表現超出我們的預期。這是我們連續第三個季度銷售額超過 10 億美元。在以資料中心帶動的基礎建設垂直領域強勁成長推動下，銷售與 EPS 均大幅超越我們的指引。

Our data center business grew across the portfolio in both the gray and white spaces. In the gray space, we had strong growth in engineered buildings, enclosures and power connections. In the white space, we had outstanding growth in liquid cooling, along with strong growth in power distribution units and cable management. We are winning with a wide range of customers from hyperscalers to neo clouds and multi-tenants and also through our distribution partners. Our investments in new products and capacity have been key to our ability to scale and respond to customer demand.

我們的資料中心業務在整個產品組合中，於灰區與白區皆實現成長。在灰區方面，工程化建築、機櫃（enclosures）與電力連接（power connections）均有強勁成長。在白區方面，液冷（liquid cooling）成長表現突出，同時電力分配單元（PDU）與線纜管理也有強勁成長。我們在多元客戶群中持續取得勝利，從超大規模業者（hyperscalers）到新雲（neo clouds）與多租戶（multi-tenants），並透過我們的經銷合作夥伴拓展。我們在新產品與產能上的投資，是我們得以擴大規模並回應客戶需求的關鍵。

The tremendous growth in data centers was accomplished by our team working tirelessly to increase and expand capacity in our facilities and across our supply base. Earlier this week, we celebrated the opening of our new Blaine, Minnesota facility that started production in Q1. We expect production to ramp throughout the year. In Q1, for Total nVent, we had record orders and backlog. Organic orders were up approximately 40%, primarily driven by orders for the AI data center build-out.

資料中心的驚人成長，來自我們團隊不懈努力，在自有廠房與整體供應體系中提升並擴充產能。本週稍早，我們慶祝位於明尼蘇達州布萊恩（Blaine）的新廠啟用，該廠已於第一季開始投產。我們預期產量將在全年逐步爬升。第一季就整體 nVent 而言，我們的訂單與在手訂單均創下新高。有機訂單約成長 40%，主要由 AI 資料中心建置相關訂單所帶動。

Excluding data centers, organic orders grew mid-teens. In addition, we continue to see our backlog grow, up low double digits sequentially to $2.6 billion, giving us visibility through the year. Our free cash flow and balance sheet are strong, and our disciplined capital allocation is focused on growth and returning cash to shareholders for continued value creation. We are raising our full year sales and EPS guidance to reflect our outstanding first quarter performance and significant momentum in data centers. Now on to slide 4 for a summary of our first quarter performance.

若排除資料中心，有機訂單仍以十幾%的幅度成長。此外，我們持續看到在手訂單增加，較前一季以低雙位數成長至 26 億美元，讓我們對全年具備可見度。我們的自由現金流與資產負債表維持強勁，而我們嚴謹的資本配置聚焦於成長與回饋股東現金，以持續創造價值。我們上調全年銷售與 EPS 指引，以反映第一季的亮眼表現以及資料中心的顯著動能。接下來請看第 4 頁投影片，總結我們第一季的表現。

Sales were up 53% and 34% organically, led by the infrastructure vertical. New products contributed over 20 points to our sales growth, and we launched 11 new products in the quarter. The EPG acquisition exceeded expectations, growing sales strong double digits year over year. Adjusted operating income grew 53% year over year with return on sales of 20%. Adjusted EPS grew 63% and free cash flow grew 21% year over year.

銷售成長 53%，其中有機成長 34%，主要由基礎建設垂直領域帶動。新產品對銷售成長貢獻超過 20 個百分點，本季我們推出了 11 項新產品。EPG 併購案表現超出預期，年對年銷售以強勁雙位數成長。調整後營業利益年對年成長 53%，銷售報酬率（return on sales）為 20%。調整後 EPS 成長 63%，自由現金流年對年成長 21%。

Looking at our key verticals, sales grew across all verticals. Infrastructure led the way with organic sales up nearly 80%, driven by outstanding growth in data centers and double-digit growth in power utilities. Both industrial and commercial resi grew mid-single digits. Turning to organic sales by geography. The Americas led, growing over 40%.

從主要垂直領域來看，各垂直領域銷售皆成長。基礎建設領先，有機銷售成長近 80%，主要由資料中心的亮眼成長以及電力公用事業的雙位數成長所帶動。工業與商用住宅（commercial resi）皆以中個位數成長。接著看各地區的有機銷售。美洲表現領先，成長超過 40%。

Europe was up low single digits, while Asia Pacific was down. Looking ahead, we believe the infrastructure vertical has the highest growth opportunity with the trends of electrification, sustainability and digitalization. Infrastructure is expected to grow strong double digits this year, driven by AI data center CapEx acceleration.

歐洲以低個位數成長，而亞太則下滑。展望未來，我們認為在電氣化、永續與數位化趨勢帶動下，基礎建設垂直領域擁有最高的成長機會。在 AI 資料中心資本支出（CapEx）加速的推動下，預期基礎建設今年將以強勁雙位數成長。

Our greatest growth opportunity within the infrastructure vertical is data centers. Power utilities is next with strong secular tailwinds as the demand for electrical grid capacity is increasing with electrification and the need for power for AI data centers.

在基礎建設垂直領域中，我們最大的成長機會來自資料中心。其次是電力公用事業，受惠於強勁的長期結構性利多：隨著電氣化推進，以及 AI 資料中心對電力需求增加，電網容量需求正在上升。

Our expectations for industrial and commercial resi remain the same. For industrial, we expect mid-single-digit growth with increasing CapEx investment, automation and reshoring. The commercial resi vertical is expected to grow low single digits. Moving to slide 5. Our portfolio transformation to become a more focused, higher-growth electrical connection and protection company is showing up in our results.

我們對工業與商用住宅的預期維持不變。就工業而言，隨著資本支出投資增加、自動化與回流生產（reshoring）推進，我們預期將有中個位數成長。商用住宅垂直領域預期以低個位數成長。接著看第 5 頁投影片。我們的產品組合轉型，朝向更聚焦、成長性更高的電氣連接與保護公司，已反映在我們的業績表現上。

We have intentionally increased our exposure to the high-growth infrastructure vertical through both organic investments and M&A. Infrastructure made up 12% of sales at-spin, expanding to 45% last year and now is over 55% in Q1. We have been significantly investing in our data center and power utilities businesses, which are rapidly growing and more capacity is needed to meet customer demand.

我們透過有機投資與併購（M&A），有意提高對高成長的基礎建設垂直領域的曝險。基礎建設在分拆（spin）時占銷售 12%，去年擴大至 45%，而第一季已超過 55%。我們正大幅投資於資料中心與電力公用事業業務，這些業務快速成長，且需要更多產能以滿足客戶需求。

Overall, I am proud of our nVent team and how we continue to perform and deliver for our customers. We are on track for another strong year.

整體而言，我為 nVent 團隊感到自豪，我們持續展現績效並為客戶交付成果。我們正朝著再創強勁一年的目標前進。

This wraps up my opening remarks. I will now turn the call over to Gary for further details on our first quarter results as well as our updated outlook. Gary, please go ahead.

以上是我的開場說明。接下來我將把電話交給 Gary，進一步說明第一季業績以及我們更新後的展望。Gary，請開始。

Thank you, Beth. We had another excellent quarter, exceeding our guidance with record sales, orders, backlog and adjusted EPS. Let's turn to slide 6 to review our results. Sales of $1.242 billion were up 53% relative to last year. Organically, sales grew 34%, well ahead of our guidance, driven by very strong data center sales.

謝謝你，Beth。我們又交出一個非常出色的季度，銷售、訂單、在手訂單與調整後 EPS 皆創新高，並且超越我們的指引。讓我們翻到第 6 頁投影片回顧結果。銷售額 12.42 億美元，較去年成長 53%。以有機口徑計算，銷售成長 34%，大幅領先我們的指引，主要由非常強勁的資料中心銷售所帶動。

Acquisitions added $138 million to sales or 17 points to growth, ahead of our guidance. Foreign exchange was a 2-point tailwind. Adjusted operating income was $249 million, up 53%. Return on sales came in ahead of expectations at 20%, flat to last year. Price plus productivity offset inflation of nearly $60 million, including approximately $40 million in tariff impact.

併購為銷售增加 1.38 億美元，或對成長貢獻 17 個百分點，高於我們的指引。外匯帶來 2 個百分點的順風。調整後營業利益為 2.49 億美元，成長 53%。銷售報酬率（return on sales）為 20%，優於預期，與去年持平。價格加生產力抵銷了近 6,000 萬美元的通膨影響，其中包含約 4,000 萬美元的關稅影響。

We also continue to make investments for growth in data centers and power utilities. We had record earnings, and it was the first time we reported quarterly adjusted EPS north of $1. Adjusted EPS grew 63% year over year to $1.09, well above the high end of our guidance range. We generated free cash flow of $54 million, up 21% year over year. Now please turn to slide 7 for a discussion on the first quarter segment performance.

我們也持續在資料中心與電力公用事業方面進行成長投資。我們創下創紀錄的獲利，且這是我們首次在單季報告調整後每股盈餘（EPS）超過 1 美元。調整後 EPS 年增 63% 至 1.09 美元，明顯高於我們指引區間的上緣。我們產生自由現金流 5,400 萬美元，年增 21%。現在請翻到投影片 7，討論第一季各事業部門的表現。

Starting with Systems Protection. Sales of $895 million increased 76%. Acquisitions contributed 24 points of sales and have performed ahead of expectations. Organically, sales grew 50% with all verticals growing. Infrastructure grew more than 100%, largely due to continued strength in data centers.

先從系統防護（Systems Protection）開始。銷售額 8.95 億美元，成長 76%。併購為銷售額貢獻 24 個百分點，且表現優於預期。就有機成長而言，銷售額成長 50%，所有垂直市場皆成長。基礎建設成長超過 100%，主要受惠於資料中心持續強勁。

Industrial was up mid-single digits. Commercial resi grew in the high teens. Geographically, Americas grew by over 65%, while Europe was up low single digits. Asia Pacific was down in the quarter. First quarter segment income was $203 million, up 95%.

工業市場成長中個位數百分比。商業與住宅（commercial resi）成長高十位數百分比。以地區來看，美洲成長超過 65%，歐洲成長低個位數百分比。亞太地區本季下滑。第一季部門獲利為 2.03 億美元，成長 95%。

Return on sales of 22.7% increased 220 basis points year over year on strong volume and productivity. Moving to Electrical Connections. Sales of $347 million increased 15%. Organic sales were up 8% and the EPG acquisition contributed 6 points to sales. From a vertical perspective, infrastructure led, growing in the high teens. Industrial grew mid-single digits and commercial resi was up low single digits.

銷售報酬率為 22.7%，在強勁出貨量與生產力帶動下，年增 220 個基點。接著看電氣連接（Electrical Connections）。銷售額 3.47 億美元，成長 15%。有機銷售成長 8%，EPG 併購為銷售額貢獻 6 個百分點。以垂直市場來看，基礎建設領先，成長高十位數百分比。工業成長中個位數百分比，商業與住宅成長低個位數百分比。

Geographically, all three regions grew. Sales were up high single digits in the Americas. Europe was up low single digits and Asia Pacific grew mid-single digits. Segment income was $85 million, flat versus last year. Return on sales of 24.4% was down 390 basis points year over year.

以地區來看，三大區域皆成長。美洲銷售成長高個位數百分比。歐洲成長低個位數百分比，亞太成長中個位數百分比。部門獲利為 8,500 萬美元，與去年持平。銷售報酬率 24.4%，年減 390 個基點。

The margin performance was impacted by higher-than-expected raw material inflation. We have taken pricing and productivity actions and saw margins improve as the first quarter progressed. We expect margins to improve in Q2 and for the balance of the year.

毛利率表現受到原物料通膨高於預期的影響。我們已採取調價與提升生產力的措施，並看到隨著第一季進行，毛利率有所改善。我們預期第二季以及今年其餘期間毛利率將持續改善。

Turning to the balance sheet and cash flow on slide 8. We ended the quarter with $109 million of cash on hand and $600 million available on our revolver, putting us in a strong liquidity position. Our debt stands at $1.6 billion. Our healthy balance sheet and strong liquidity position gives us financial flexibility to support our disciplined capital allocation strategy.

接著看投影片 8 的資產負債表與現金流。本季結束時，我們手上現金 1.09 億美元，循環信貸額度（revolver）尚有 6 億美元可用，使我們具備強勁的流動性。我們的負債為 16 億美元。健康的資產負債表與強勁的流動性，讓我們具備財務彈性以支持我們嚴謹的資本配置策略。

Turning to slide 9 on capital allocation, where we outline how we deploy capital to drive growth and sustain financial outperformance. Our framework has been consistent and is centered on disciplined growth investment, rigorous execution of our M&A strategy, while maintaining the balance sheet flexibility to consistently return capital to shareholders. Our capital allocation priority is growth, and that starts with reinvesting in the business by funding capacity expansion, innovation and the capabilities required to win in high-growth verticals.

接著看投影片 9 的資本配置，我們在此說明如何運用資本以推動成長並維持財務表現領先。我們的框架一貫且以嚴謹的成長投資為核心、嚴格執行併購（M&A）策略，同時維持資產負債表彈性，以持續回饋資本給股東。我們資本配置的首要任務是成長，首先是透過再投資於業務，資助產能擴張、創新，以及在高成長垂直市場取勝所需的能力。

This year, we expect to invest approximately $130 million in CapEx, up 40%. We spent $36 million in Q1, up over 70% versus last year. Most of this increased investment is for new capacity to support growth in data centers, power utilities and supply chain resiliency. In Q1, we returned $84 million to shareholders, including share repurchases of $50 million, and we recently increased our quarterly dividend by 5%. We exited the quarter with net leverage of 1.5 times, well below our target range of 2 to 2.5 times, providing ample flexibility to invest in growth and acquisitions.

今年我們預期資本支出（CapEx）約 1.3 億美元，增加 40%。第一季我們支出 3,600 萬美元，較去年增加超過 70%。這些增加的投資多用於新增產能，以支持資料中心、電力公用事業，以及供應鏈韌性的成長需求。第一季我們回饋股東 8,400 萬美元，其中包含 5,000 萬美元的庫藏股回購，且我們近期將季度股利提高 5%。本季結束時淨槓桿為 1.5 倍，明顯低於我們 2 至 2.5 倍的目標區間，提供充足彈性以投資成長與併購。

Overall, our disciplined capital allocation approach positions us to prioritize growth and create long-term shareholder value. As Beth shared earlier, we are significantly raising our full year reported sales and adjusted EPS guidance, primarily due to our continued momentum in infrastructure. We now forecast reported sales growth of 26% to 28%. This includes expected higher organic growth, approximately 5 points from acquisitions and flattish on foreign exchange.

整體而言，我們嚴謹的資本配置方式，使我們能優先推動成長並創造長期股東價值。如 Beth 先前分享，我們大幅上調全年報告銷售額與調整後 EPS 指引，主要因基礎建設動能持續強勁。我們目前預測報告銷售額成長 26% 至 28%。其中包含預期更高的有機成長、約 5 個百分點來自併購，以及匯率影響大致持平。

For organic sales growth, we now expect to grow 21% to 23% versus our prior guidance of 10% to 13% due to our strong first quarter performance and momentum in infrastructure. We are raising our full year adjusted EPS range to $4.45 to $4.55 versus our original guidance of $4 to $4.15. This new guidance continues to reflect tariff impacts of approximately $80 million.

就有機銷售成長而言，由於第一季表現強勁及基礎建設動能，我們目前預期成長 21% 至 23%，高於先前指引的 10% 至 13%。我們將全年調整後 EPS 區間上調至 4.45 至 4.55 美元，高於原先指引的 4.00 至 4.15 美元。此新指引仍反映約 8,000 萬美元的關稅影響。

We continue to expect to offset the impact of inflation, including tariffs through pricing, supply chain productivity and operational mitigating actions. For free cash flow, we still expect conversion of 90% to 95%. Looking at our second quarter outlook on slide 11.

我們仍預期可透過定價、供應鏈生產力與營運緩解措施，抵銷通膨（包含關稅）的影響。就自由現金流而言，我們仍預期轉換率為 90% 至 95%。接著看投影片 11 的第二季展望。

We forecast reported sales of 28% to 30% with acquisitions contributing approximately 5 points to sales. Organic sales growth is expected to be up 23% to 25%. Pricing, coupled with productivity are expected to fully offset the impact of inflation, including tariffs in Q2. We also expect to continue to invest for growth, particularly in data centers and power utilities. We expect adjusted EPS to be between $1.12 and $1.15, which at the midpoint reflects over 30% growth relative to last year.

我們預測報告銷售額成長 28% 至 30%，其中併購約貢獻 5 個百分點。有機銷售成長預期為 23% 至 25%。我們預期第二季定價搭配生產力提升，將可完全抵銷通膨（包含關稅）的影響。我們也預期將持續投入成長投資，特別是在資料中心與電力公用事業。我們預期調整後 EPS 介於 1.12 至 1.15 美元，以中位數計算，較去年成長超過 30%。

Wrapping up, I am very pleased with our first quarter performance. We delivered strong sales and earnings growth and are well positioned for another outstanding year. Through disciplined portfolio transformation and strong execution, our growth profile has meaningfully accelerated. We significantly raised our midterm financial targets at our Investor Day in March, and we are off to a great start. nVent is well positioned for the secular trends in electrification, digitalization and sustainability.

總結來說，我對第一季表現非常滿意。我們交出強勁的銷售與獲利成長，並已為再創卓越的一年做好準備。透過嚴謹的投資組合轉型與強力執行，我們的成長輪廓已顯著加速。我們在 3 月的投資人日大幅上調中期財務目標，且目前開局良好。nVent 已為電氣化、數位化與永續等長期趨勢做好布局。

We are confident in the growth and value creation opportunities ahead. I will now turn the call back over to Beth.

我們對未來的成長與價值創造機會充滿信心。接下來我把電話會議交回給 Beth。

Thank you, Gary. Please turn to slide 12 titled our 2025 Sustainability Report. Last month, we published our latest sustainability report that outlines our commitment to sustainability and the meaningful progress we are making in our three pillars: people, products, and planet. A few highlights from the report. We achieved an employee satisfaction plus recommend score in our 2025 Employee Engagement survey that was three points above the global benchmark.

謝謝你，Gary。請翻到投影片 12，標題為《我們的 2025 永續報告》。上個月，我們發布最新的永續報告，說明我們對永續發展的承諾，以及在三大支柱——人員、產品與地球——所取得的重大進展。以下是報告中的幾項重點。我們在 2025 員工敬業度調查中，員工滿意度加推薦（satisfaction plus recommend）分數比全球基準高出 3 分。

100% of our new products launched last year did not use single-use plastic packaging. We reduced our normalized CO2 emissions by 24%. We continue to receive accolades for our progress. We were recognized as one of the world's most ethical companies by Ethisphere for the third consecutive year and received a gold sustainability rating from EcoVadis, placing us in the top 2% of our industry. Our sustainability efforts are key to our strategy and how we operate.

去年推出的新產品中，100% 未使用一次性塑膠包裝。我們將標準化 CO2 排放量降低 24%。我們持續因進展而獲得肯定。我們連續第三年獲 Ethisphere 評選為全球最具商業道德的公司之一，並獲 EcoVadis 頒發金級永續評等，使我們名列本產業前 2%。我們的永續努力是我們策略與營運方式的關鍵。

I am proud of everything we've accomplished and the journey we are on. Wrapping up on slide 13. We are off to a tremendous start to the year with record sales, orders, backlog and adjusted EPS. Our portfolio transformation and the AI data center build-out are accelerating our growth. We expect another record year with strong sales and earnings growth.

我為我們所完成的一切以及我們正在走的這段旅程感到自豪。在第13張投影片做個總結。我們今年開局極為強勁，銷售、訂單、在手訂單（backlog）以及調整後EPS皆創下紀錄。我們的產品組合轉型與AI資料中心建置正在加速成長。我們預期今年將再創紀錄，並實現強勁的銷售與獲利成長。

And we believe we are well positioned with the electrification, sustainability and digitalization trends. Our future is bright. With that, I will now turn the call over to the operator to start Q&A.

我們也相信，在電氣化、永續與數位化趨勢下，我們具備良好的布局。我們的未來一片光明。接下來我把電話會議交給接線生，開始問答環節。

(Operator Instructions) Deane Dray, RBC Capital Markets.

(接線生指示) Deane Dray，RBC Capital Markets。

Beth, I think you get the understatement of the year award for your analyst meeting just saying that quarter was tracking above initial expectations, but that's a pleasant surprise. But would love to hear a bit more color in terms of what drove the outperformance.

Beth，我覺得你憑著在分析師會議上只說「本季表現高於初始預期」這句話，拿下了年度最含蓄表述獎，但這確實是個令人愉快的驚喜。不過也很想再多聽一些細節，究竟是哪些因素帶動了超預期表現。

I mean in your prepared remarks, you gave us some real highlights regarding what was the white space, what was the gray space. It really did sound broad-based. But if we just kind of zero in on what drove the outperformance this quarter, and that would be a good place to start.

我的意思是，在你準備好的發言中，你給了我們一些很重要的亮點，談到哪些是白地（white space）、哪些是灰地（gray space）。聽起來確實是全面性的成長。但如果我們聚焦在本季究竟是什麼驅動了超預期表現，這會是個很好的切入點。

Okay. Well, as we said, first of all, our growth was broad-based. We saw growth in all of our verticals. And when it came to infrastructure, certainly, that was leading with the most growth. We saw nice growth in power utilities.

好的。如同我們所說，首先，我們的成長是全面性的。我們在所有垂直領域都看到成長。而在基礎設施方面，確實是成長最強、領先其他領域。我們在電力公用事業也看到不錯的成長。

But I would say a significant portion of our growth was coming from data centers. As you know, we've continued to expand capacity for liquid cooling, but we also saw nice growth across the entire portfolio. I would say white space was leading stronger growth there, but continued growth as we focus on the gray space as well. So I think we are very pleased just to see that where we've been investing in new products and capacity that we've seen strong orders and have been able to execute to deliver on that growth.

但我會說，我們成長中相當大的一部分來自資料中心。如你所知，我們持續擴充液冷產能，同時也看到整個產品組合都有不錯的成長。我會說白地帶動了更強的成長，但我們在聚焦灰地的同時也持續成長。因此，我們很高興看到：我們在新產品與產能上的投資帶來了強勁的訂單，而且我們也能夠有效執行、交付並實現這些成長。

All right. Really good to hear. And I want to follow-up on the point on the new capacity adds. And you reaffirmed CapEx at $130 million. That's up 40% year over year.

了解。很高興聽到。我想追問一下你提到的新產能擴增。你重申資本支出（CapEx）為1.30億美元。這比去年同期增加40%。

You just had orders up 40% organically. Just kind of take us through the timeline for the new capacity that's coming online. And then when do you expect this new capacity to start to contribute to operating leverage for the firm? I'd love to hear that.

你們的有機訂單也成長了40%。請帶我們了解一下即將上線的新產能時程。另外，你預期這些新產能何時會開始為公司帶來營運槓桿的貢獻？很想聽聽你的看法。

Okay. So as I commented, we had our grand opening of our Blaine facility just this week. However, it took us 100 working days to sign a lease to get that facility up and running. And we've been building our capability, bringing new operators, and we expect that production to ramp as we go through the course of the year. So a lot of the strength that you saw was our execution in our other plants, but this Blaine facility will be coming online and really ramping through the year.

好的。如我先前提到，我們就在本週為Blaine廠舉行了盛大開幕。不過，從簽下租約到讓該廠房啟動運作，我們花了100個工作天。我們一直在建置能力、引進新的操作人員，並預期產量會在今年逐步爬升。所以你看到的許多強勁表現，來自我們在其他工廠的執行力；但這座Blaine廠也將陸續上線，並在今年持續放量。

Joe Ritchie, Goldman Sachs.

Joe Ritchie，高盛。

Yes, echo what a wonderful start to the year. Maybe just on that last point, Beth, let's talk a little bit about like how you're thinking about capacity going forward. Clearly, the data center market, the whole infrastructure market is white hot. But how are you thinking about maybe even incremental investment from here?

是的，同樣呼應一下，這真的是非常精彩的年度開局。也許就你剛才那點，Beth，我們談談你對未來產能的思考方式。顯然，資料中心市場、整個基礎設施市場都非常火熱。但你如何看待從現在起可能進一步的增量投資？

And then secondly, I don't know that I heard a specific number, but I think last quarter, you told us that infra is going to be up around 20% this year. Obviously, it seems like that number has been revised upward. Any updated thoughts on what infrastructure is expected to grow in 2026?

第二點，我不確定我是否聽到一個明確數字，但我記得上季你們告訴我們，今年基礎設施大概會成長約20%。很明顯，這個數字似乎已經上修。對於2026年基礎設施預期成長，有沒有更新的看法？

Okay. So the way that we have been looking at our capacity, and by the way, it's not just our new Blaine facility. We've expanded our capabilities globally to be able to support some of the data center product growth that we're seeing, liquid cooling, and other. So we've been investing across multiple factories. We also have been investing and expanding some of our engineered building solutions sites because we've seen growth there from both data centers and utilities.

好的。我們看待產能的方式是這樣的；順帶一提，不只是新的Blaine廠。我們也在全球擴充能力，以支援我們看到的資料中心產品成長，包括液冷等其他產品。因此，我們在多座工廠進行投資。我們也在投資並擴增部分工程化建築解決方案（engineered building solutions）據點，因為我們看到該業務同時受惠於資料中心與公用事業的成長。

So we've expanded within existing sites as well. And what we continue to do is to look at that -- look at as we're saying we're winning more customers, as we're launching new products, what do we view as that order acceleration or order growth and what do we need to do to support that. So I think this is an area where we're going to continue to see that we make those investments for growth.

所以我們也在既有據點內進行擴充。我們持續做的是：隨著我們贏得更多客戶、推出新產品，我們如何看待訂單加速或訂單成長，以及我們需要做什麼來支援這些需求。因此我認為，這會是一個我們將持續投入成長投資的領域。

And as far as infrastructure, we gave that back in our Investor Day that our outlook on infrastructure was really strong. And I think that's really what's playing out. And I look at it as our ability to expand capacity and execute and manage our supply base has really been a differentiator for us in terms of realizing that growth. And the teams are working really hard. It's a lot of work to be able to grow at these double-digit rates.

至於基礎設施方面，我們在投資人日已經提到，我們對基礎設施的展望非常強勁。而我認為這正是目前正在發生的情況。我看來，我們擴充產能、執行落地並管理供應基礎的能力，確實成為我們實現成長的關鍵差異化因素。團隊非常努力。要以這樣的雙位數成長率擴張，確實需要大量工作。

Yes. No, it's incredible to see. I guess maybe my second question, Gary, bringing you into the discussion, just on margins, just talking through EFS for a second. I think you made a comment that sequentially as the year progresses, things should get better. Just help us understand like unpack the margin progression a little bit for that segment going forward.

是的。看到這樣的表現真的很驚人。我想我的第二個問題是，Gary，把你也拉進來談一下：關於毛利率/利潤率，先談談EFS這個部門。我記得你提到，隨著年度推進，按季來看情況應該會變得更好。能否幫我們理解一下，未來該部門利潤率走勢的拆解與推進節奏？

Yes. Thanks, Joe. Appreciate it. And I'll start with our margins for nVent across the company were higher than we guided. That was driven by the strength of Systems Protection and leverage that more than offset the headwind that we saw in EC, where we saw higher-than-expected inflation, primarily due to copper.

好的。謝謝，Joe，感謝你的提問。我先從nVent整體來看：公司整體利潤率高於我們的指引。這主要由Systems Protection的強勁表現與槓桿效應所帶動，足以抵消我們在EC看到的逆風；EC出現高於預期的通膨，主要來自銅價。

We took pricing and productivity actions, as I mentioned, leading to improved margins month-over-month throughout the quarter. And as I mentioned, we expect our margins to improve in Q2 and the balance of the year more towards historical levels that, that segment has delivered. And like I said, we're seeing proof of that in market and expect that to improve in the balance of the year.

如我提到的，我們採取了調價與生產力提升措施，使得本季利潤率逐月改善。同樣如我所說，我們預期第二季以及今年剩餘期間，利潤率將改善並更接近該部門過去所達成的歷史水準。而且如我所言，我們在市場上已看到相關成效，並預期在今年剩餘時間持續改善。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

Yes. Not a bad start of the year, I'll put it that way. Congratulations.

是的。今年開局不差，我就這麼說吧。恭喜。

Thanks, Nigel.

謝謝你，Nigel。

So just on that last point, Gary, do you expect to be sort of flat margins by the end of the year and sort of getting there pretty progressively? Or how do you think about that?

那就你剛才最後那點，Gary，你是否預期到年底毛利率大致持平，並且在過程中逐步達到那個水準？或者你是怎麼看這件事的？

Yes, we should see meaningful improvement in Q2, Nigel. And as I mentioned, we'll get towards more historical levels of margin in EC as we move throughout the year. Overall, as we mentioned in our initial guidance, we have those headwinds coming into the first half of the year on margin and we'll be essentially flattish for the first half versus a year ago. We'll see nice sequential improvement overall in Q2, but we'll have nice margin growth and healthy incrementals overall in the second half.

是的，Nigel，我們在第二季應該會看到顯著改善。而且如我提到的，隨著今年推進，我們會讓 EC 的毛利率回到更接近歷史水準。整體而言，如同我們在最初指引中所說，上半年毛利率會面臨一些逆風，因此上半年相較去年同期基本上會大致持平。第二季整體會看到不錯的季比改善，但下半年整體將會有良好的毛利成長以及健康的增量利潤。

That's great to hear. And then just thinking about the framework, your 2Q guide, I think, embeds pretty flat sales with 1Q. And I think the sales are pretty flat actually also the year. Normally, we have a nice pickup in Q2, Q3 and then coming down in Q4.

很高興聽到。接著從框架來看，你們的第二季指引，我想是隱含銷售額相較第一季大致持平。而且我認為全年銷售額其實也相當持平。通常我們會在第二季、第三季有不錯的回升，然後在第四季回落。

So just wondering, is there -- is the data solutions business sort of flattening out the seasonality? Because I would expect with the Blaine facility ramping up, there would be some lift there. Just curious on what you're seeing there.

所以我想問的是——資料解決方案業務是否正在把季節性拉平？因為我原本預期 Blaine 廠區爬坡會帶來一些拉抬。只是好奇你們目前看到的情況。

Yes. Thanks, Nigel. We have organic sales growth in Q2 23% to 25%. So all in, almost 30% growth for the quarter. We feel really good about the progression we're making on growth.

是的。謝謝你，Nigel。我們第二季的有機銷售成長為 23% 到 25%。因此合計來看，本季接近 30% 的成長。我們對於成長進展感覺非常好。

And -- we start to ramp with higher comparisons as we get into Q2 and then in the back half of the year. Obviously, our historical seasonality has become a bit reshaped as our portfolio has changed. But we're excited about the growth that we'll post in Q2 and in the back half of the year, and you see that by our meaningful guidance raise.

而且——隨著進入第二季以及下半年，我們會開始面對更高的比較基期。顯然，隨著我們的投資組合改變，過去的季節性也被重新塑形了一些。但我們對第二季以及下半年的成長表現感到振奮，而你也可以從我們大幅上調指引中看出來。

Julian Mitchell, Barclays.

Julian Mitchell，Barclays。

Maybe I just wanted to circle back to the sort of the organic sales growth assumptions and help us understand, perhaps, first off, with that backlog of $2.6 billion at the end of March, how much visibility are you now having into second half revenues? And has there been any change in kind of lead time or ordering patterns from customers?

我想回到有機銷售成長假設，幫助我們理解：首先，截至三月底積壓訂單為 26 億美元，在這樣的情況下，你們現在對下半年營收有多少能見度？另外，客戶的交期或下單模式是否有任何變化？

And on that revenue point, it looks like on a sort of a two-year stack basis, you're just assuming maybe mid-30s organic sales growth year on year each quarter. Is that the right kind of framework?

再就營收這點來看，如果用兩年疊加的基礎，你們似乎假設每一季年對年大約是 30% 中段的有機銷售成長。這樣的框架對嗎？

Well, let me start with our backlog. So our backlog continues to grow sequentially and as we look at our backlog, most of it is over a 12-month period, the majority of it. So that takes into 2027. And our view there is just -- I'd say we're trying to ensure that we're being competitive on our lead times. Of course, we have to work with our supply base.

我先從積壓訂單談起。我們的積壓訂單持續季比成長；而從結構來看，其中大部分（多數）是涵蓋 12 個月以上的期間。因此會延伸到 2027 年。我們的看法是——我會說，我們正努力確保在交期上具備競爭力。當然，我們也必須與供應鏈基礎合作。

So as we're ramping, that's really a significant part of our effort is to make sure that our supply base can ramp with us. But I think we're making good investments that are allowing us to put something there. And I'll let Gary talk to some of the guidance and the organic growth numbers.

因此在我們爬坡的同時，我們很大一部分的工作重點就是確保供應鏈也能跟著我們一起爬坡。但我認為我們正在做出良好的投資，讓我們能夠把相關能力建置到位。接著我讓 Gary 來談談指引與有機成長數字。

Yes, Julian, you've got it exactly right. We're looking at mid-30s two-year stack growth pretty much throughout the year.

是的，Julian，你的理解完全正確。我們基本上全年都在看兩年疊加約 30% 中段的成長。

Okay. Great. And then just a follow-up on the margins. Is it fair to say that the operating margin expansion guide for the year is largely similar with what you said three months ago. So it's up maybe some tens of basis points total company.

好的。很好。接著追問毛利率。是否可以說，今年的營業利益率擴張指引大致與三個月前你們所說的相同。也就是全公司大概上升幾十個基點。

Just wanted to make sure I had that right. And within that, how much extra kind of cost inflation dollar headwind are you now assuming with that extra price offset in turn?

我只是想確認我理解正確。另外，在這之中，你們現在假設的成本通膨（以美元計）的額外逆風有多少，而又會由額外的價格抵銷多少？

Yes, I'll start with the margin. Yes, we're essentially in line with what we had guided previously, sort of mid-20s incrementals in the second half and call it, 30, 40 basis points overall for the year in margin expansion. As we think about inflation, we have updated our expectations on inflation. We shared mid-single digits at the initial guide. It's up a little bit under 1 point of inflation, still mid-single digits.

是的，我先談毛利率。是的，我們基本上與先前給出的指引一致：下半年增量利潤率約 20% 中段，全年毛利率擴張大約 30 到 40 個基點。至於通膨，我們已更新對通膨的預期。在最初指引時我們分享的是中個位數。通膨上修了一點點、不到 1 個百分點，仍然是中個位數。

And we've taken action with additional pricing in the first quarter to offset that inflation.

而且我們在第一季已採取行動，透過額外的定價來抵銷這些通膨。

Jeff Sprague, Vertical Research.

Jeff Sprague，Vertical Research。

A couple for me. Just on Blaine, do these orders represent sort of filling the book for the year? I think you were holding off taking orders on a lot of those new products that you introduced and the factory wasn't ready. So I know the sales need to ramp, but do the orders sort of reflect kind of booking the year out?

我有幾個問題。先談 Blaine，這些訂單是否代表基本上把今年的訂單簿填滿了？我記得你們之前對許多新推出的產品暫緩接單，因為工廠尚未準備好。所以我知道銷售需要爬坡，但這些訂單是否反映出把今年的訂單先行預訂下來？

Well, I would say this, some of our new products are launching in Q2 and Q3. And so we expect that as those products get launched, the orders will follow. So with respect to Blaine, we're currently building out for the orders that we have, but expanding our capabilities within that site for both new products and existing business that we have.

我會這麼說：我們有一些新產品會在第二季與第三季上市。因此我們預期隨著這些產品上市，訂單也會跟進。就 Blaine 而言，我們目前是在為既有訂單進行產能建置，同時也在該據點擴充能力，以支援新產品以及我們既有的業務。

And then just thinking about Systems Protection, maybe structural margins. I think somebody tapped dance around this a little bit, right? But you clearly would have had factory inefficiencies in the quarter. You also would have had more inflation than you expected in the quarter, right? It's not visible to the naked eye here given the volumes.

再來談 Systems Protection，可能是結構性毛利率。我想有人稍微繞著這個問題在講，對吧？但你們本季顯然會有工廠效率不彰的情況。而且本季的通膨也會比你們預期更高，對吧？在這裡由於出貨量的關係，肉眼不太看得出來。

But -- and there's just naturally factory inefficiencies and any start-up. So should we be thinking about just structurally higher margins as we look forward for Systems Protection? I understand the margin should probably ramp somewhat over the course of the year, but just thinking beyond that.

但是——任何新產線啟動都會自然出現工廠效率不彰。所以我們是否應該在展望 Systems Protection 時，認為其結構性毛利率會更高？我理解毛利率在今年內可能會逐步爬升一些，但我是在想更長期之後的情況。

Yes, Jeff, a couple of things. The first is we were very pleased with the margin expansion that we saw in the quarter from Systems Protection. We will continue to see nice leverage, and we will also continue to see investment. And we'll continue to invest both in the capacity expansion, as Beth talked about, as Blaine ramps throughout the year and also in our capabilities, as I mentioned in my remarks. So I think we'll see margin expansion throughout the year for Systems Protection, but we will continue to invest to set us up for the future.

是的，Jeff，有幾點。第一，我們對本季 Systems Protection 所看到的毛利率擴張非常滿意。我們將持續看到良好的營運槓桿，同時也會持續投資。我們會持續投資於產能擴張（如 Beth 所提到的），隨著 Blaine 在今年內逐步爬坡；也會持續投資於我們的能力建置，如我在發言中提到的。因此我認為 Systems Protection 的毛利率在今年會持續擴張，但我們也會持續投資，以為未來做好準備。

Great. And just a quick follow-up. Incremental tariffs, $80 million, what is the all-in tariff expectation for the year now?

很好。再快速追問一下。增量關稅 8,000 萬美元，那今年整體（all-in）的關稅預期現在是多少？

So yes, incremental is $80 million this year followed from $90 million last year. So $170 million all in. There were worth mentioning the US tariff environment remains highly fluid, and we did have a lot of puts and takes since we were last talking to you 90 days ago. But we landed essentially in the same spot with an $80 million headwind primarily in the first half of this year.

是的，今年的增量是 8,000 萬美元，延續去年的 9,000 萬美元。所以合計是 1.7 億美元。值得一提的是，美國關稅環境仍然高度變動；而且自從 90 天前我們上次與各位交流以來，確實有很多此消彼長的因素。但我們基本上落在同一個位置：今年主要在上半年有 8,000 萬美元的不利影響（headwind）。

We had an unrelated CEO say the administration is open to talking about this and there's some discussions. Are you guys aware of that? Do you see any possibility of tariff relief relative to your current position?

我們聽到一位不相關公司的 CEO 說，政府對討論這件事持開放態度，而且有一些討論在進行。你們知道這件事嗎？相較於你們目前的假設，你們覺得有任何關稅減免的可能性嗎？

We've kept to our current outlook, and I guess we'll wait and see.

我們維持目前的展望，我想就先觀望看看。

Great. Good luck. Awesome results.

很好。祝你好運。成果非常亮眼。

Thank you.

謝謝。

Thank you.

謝謝。

Vlad Bystricky, Citi.

Citi 的 Vlad Bystricky。

Congrats on a nice quarter and nice start to the year. So I just wanted to ask you about the orders we're seeing here because I know you've talked in the past about how orders can be lumpy quarter to quarter. But if my math is right, orders have grown almost 40% a quarter on average over the past year, and you're seeing accelerating contributions from NPIs with more products to come. So can you talk about how you're thinking about the durability of this accelerated orders pace over the coming quarters?

恭喜本季表現亮眼、今年開局也很不錯。我想問一下我們看到的訂單情況，因為我知道你們過去談過訂單可能會在季度之間有波動。但如果我算得沒錯，過去一年訂單平均每季成長接近 40%，而且你們也看到 NPI（新產品導入）的貢獻在加速，後面還有更多產品要推出。所以你們能談談，對於未來幾季這種加速的訂單成長節奏，你們如何看待其持續性（durability）嗎？

Well, you are correct in that orders can be lumpy. And so they can vary certainly month-to-month. I think when you -- as we broke it out, we said our orders were still very strong when you exclude data centers. And so I think that's really great when we look at the orders were broad-based across all of our verticals outside of data centers. So that's good.

你說得沒錯，訂單確實可能會有波動。因此月與月之間當然也會變動。我想當你——就像我們拆分來看時，我們說過若排除資料中心，訂單仍然非常強勁。所以我認為這點非常好：我們看到在資料中心以外的所有垂直領域，訂單都是廣泛分布、表現強勁。這很不錯。

And then I would say with data centers, they tend to be lumpy. But we believe, and this is part of why we took up our guidance is that the backlog and the current order book gives us visibility to a stronger growth year.

另外我會說，資料中心的訂單往往比較不均勻。但我們相信——這也是我們上調指引的一部分原因——目前的積壓訂單（backlog）與現有訂單簿（order book）讓我們對今年更強的成長有能見度。

Got it. Appreciate that, Beth. And then maybe just -- stepping back to capital allocation. You highlighted net leverage back down at 1.5 times, well below your longer-term target. So can you talk about what you're seeing in the M&A pipeline and how we should think about your operational capacity to potentially digest a meaningful acquisition even as you're still ramping production and still integrating prior acquisitions?

了解。謝謝你，Beth。接著可能——回到資本配置。你提到淨槓桿已降回 1.5 倍，明顯低於你們的長期目標。所以能否談談你們在併購（M&A）案源管線看到的情況，以及我們應如何看待：即便你們仍在提升產能、也仍在整合先前的收購案，你們在營運上是否有能力消化一筆具規模的收購？

Well, as you know, at our Investor Day, which was just six weeks ago, it seems like a long time ago, but it was six weeks ago, we raised our outlook in terms of what we thought acquisitions or inorganic growth could contribute. And so that speaks to our confidence in our ability to do larger deals. And so we have a really robust pipeline and consistent with how we've talked about infrastructure being the highest growth vertical, our focus is there. And we believe there's opportunity for M&A. We remain very disciplined.

如你所知，在我們的投資人日——就在六週前，感覺像很久以前，但其實是六週前——我們上調了對收購或非有機成長可能貢獻的展望。這反映了我們對於執行更大型交易能力的信心。因此我們有非常充實的案源管線；而且如同我們一直提到基礎建設是成長最快的垂直領域，我們的重點也放在那裡。我們相信併購有機會。我們仍然非常自律（disciplined）。

And then we certainly continue to develop our execution capability, and we're very thoughtful about the different targets that we go after and how they would integrate into nVent and ensuring that we have the right teams and capability to do that.

同時我們也持續強化執行能力，並且非常審慎地評估我們鎖定的不同標的，以及它們如何整合進 nVent；並確保我們有合適的團隊與能力來完成整合。

Nicole DeBlase, Deutsche Bank.

德意志銀行（Deutsche Bank）的 Nicole DeBlase。

I'll add my congratulations on a great start to the year. So maybe just starting with a question on the order pipeline. The book-to-bill that we calculated is also really strong, 1.2 times this quarter. When you look at the pipeline of orders and the magnitude of customer conversations that you're having, what would you say about the strength of the pipeline and maybe the sustainability of that 1.2 times book-to-bill ratio?

我也要恭喜你們今年有個很棒的開局。那我先從訂單管線的問題開始。我們計算的出貨比（book-to-bill）本季也非常強，達到 1.2 倍。當你們看訂單管線以及與客戶對話的規模時，你們會如何描述管線的強度，以及 1.2 倍 book-to-bill 比率的可持續性？

Well, here's what I would say. There's a couple of comments that I made is that some of the new products that we're working on the launch in Q2 and Q3, and we know we have a lot of customer interest. And I think as you look at the landscape, at least in data centers, we're seeing a wide range of customer interest from hyperscalers, neo clouds, multi-tenant. And I would comment that we're seeing strength through distribution as well. So really, that diversification and the breadth of customers there, we view as a real positive.

我會這麼說。我提過幾點：我們正在推進的一些新產品會在第二季與第三季上市，而我們知道客戶興趣很高。而且我認為從整體版圖來看，至少在資料中心領域，我們看到來自超大規模業者（hyperscalers）、新雲（neo clouds）、多租戶（multi-tenant）等各類客戶的廣泛興趣。另外我也想補充，我們也看到透過經銷通路（distribution）的需求同樣強勁。因此，這種多元化與客戶廣度，我們視為非常正面的訊號。

And then the second comment that I would make is we said, if you excluded data centers, organic orders grew in the mid-teens, and it was very, again, across all of our verticals and through distribution, which is a good indicator for us just that in different verticals that we're seeing momentum.

第二點我想說的是：我們提到過，如果排除資料中心，有機訂單成長在十幾%的中段（mid-teens），而且同樣是——再次強調——遍及我們所有垂直領域並透過經銷通路，這對我們而言是個很好的指標，顯示我們在不同垂直領域都看到動能。

Got it. And then one thing on that point that really stood out to me in the prepared remarks was you said that within Systems Protection, com resi was up high teens in the quarter, which is a lot stronger than I would have expected. Can you just give us some color on what you guys are seeing in the com resi vertical and where that improvement is coming from?

了解。另外在這點上，我在事先準備的講稿裡注意到一件很突出的事：你提到在 Systems Protection 裡，商用/住宅（com resi）本季成長達到高十幾%，這比我預期強很多。你們能否多分享一些在 com resi 垂直領域看到的情況，以及這個改善主要來自哪裡？

Yes. So in both Systems Protection and Electrical Connections, we are seeing commercial resi growth. And I will say some of our products being sold through distribution is being sold to our contractor base, and it's sometimes hard to distinguish if that -- where exactly that's going. So it may be sold to a commercial contractor and then it ends up in a data center. We may not necessarily know that.

可以。在 Systems Protection 與 Electrical Connections 這兩個業務中，我們都看到商用/住宅的成長。我也要說，我們有些透過經銷通路銷售的產品，是賣給承包商客群，而有時候很難區分——最終到底用到哪裡。所以可能是賣給商用承包商，最後卻用在資料中心。我們未必一定知道。

So I do think what you're seeing is some of our products, whether it's core enclosures or our power connections, just with construction build-out that we're seeing more uplift there and stronger orders.

因此我確實認為，你看到的是我們的一些產品——不論是核心機櫃（enclosures）或電力連接（power connections）——隨著我們看到的建設/施工擴建（construction build-out），需求拉升更明顯、訂單也更強。

Brian Drab, William Blair.

William Blair 的 Brian Drab。

It was six weeks ago when you said you're expecting about 3 points of growth from new products. And then first quarter, I know it's one quarter, but 20 points of growth from new products is pretty incredible. And I'm just wondering if you can elaborate on which categories are you seeing the most success in? Do you feel like you're taking share in some of these categories? And how do you expect that contribution from new products to be playing out throughout the year?

六週前你們說，預期新產品大概貢獻約 3 個百分點的成長。而第一季——我知道這只是一季——但新產品貢獻 20 個百分點的成長非常驚人。我想請你們更詳細說明：你們在哪些類別看到最成功？你們覺得在其中一些類別有在搶市佔嗎？以及你們預期新產品的貢獻在今年接下來會如何展開？

Yes. So we continue to see strength in -- and it's a big focus for us, right, on driving new products, on driving velocity through our new product pipeline. And our new products that contributed to our growth so strongly in Q1 were really related to data centers, right? So whether it was liquid cooling or some of our other offerings, that was the strong contributor.

是的。我們持續看到強勁表現——而且這對我們來說是重點，對吧——推動新產品、並透過新產品管線提升推進速度（velocity）。而第一季對我們成長貢獻非常強的新產品，主要都與資料中心相關，對吧？不論是液冷（liquid cooling）或我們其他一些產品方案，都是主要的貢獻來源。

Okay. And you can't comment more specifically on like new versions of the CDU or anything more specifically, Beth?

好的。那你無法就像 CDU 的新版本或任何更具體的內容再多做評論，Beth，對嗎？

Well, I will say this, we've got new -- some new product -- let's see, back at supercomputing in the fall, we showcased a lot of our new products. And many of those new products are still to launch through this year. So we think we're going to have continued momentum there with some of these new offerings.

嗯，我會這麼說，我們有一些新的——一些新產品——讓我想想，去年秋天在超級運算大會上，我們展示了許多新產品。而其中許多新產品今年仍將陸續推出。所以我們認為，這些新產品將帶來持續的動能。

Okay. And then just in terms of your visibility, I know a moment ago, you mentioned backlog is going to take you into 2027. But can you talk about some of the projects that you're working with or talking to customers about, whether it's hyperscale or colocators, how far out are some of these projects going? We're hearing a lot of people in the industry saying you've got now five years-plus of visibility. We're talking about projects for 2030.

了解。接著就你們的能見度而言，我知道你剛才提到在手訂單會支撐到 2027 年。但你能談談一些你們正在推進或與客戶洽談的專案嗎？不論是超大規模客戶或機房代管業者，這些專案大概會延伸到多遠？我們聽到業界很多人說，現在已經有超過五年的能見度。我們在談的是 2030 年的專案。

Any comments along those lines?

對這方面有任何評論嗎？

Well, I would say this, with some of our key customers, we have a view to what their demands are for several years out. And so as we think about making investments in our capacity, and this could be for liquid cooling, it could be for our engineered building solutions and whether that's part of data centers or power utilities, we're getting a view several years out, and we're staying very close to those customers to make sure that we're making the right investments for expansion as we go forward.

嗯，我會這麼說，對於我們的一些關鍵客戶，我們能掌握他們未來數年的需求展望。因此，當我們考慮投資擴充產能時——可能是液冷，也可能是我們的工程化建築解決方案，不論是資料中心的一部分或電力公用事業——我們都能看到未來數年的需求，並且與這些客戶保持非常緊密的合作，以確保我們在往前推進時，做出正確的擴產投資。

Jeff Hammond, KeyBanc Capital Markets.

Jeff Hammond，KeyBanc Capital Markets。

This is David Tarantino on for Jeff. Could you give us an update on Trachte and EPG as it seems the modular theme is playing out quite well here. So could you talk about what you're expecting here from a growth perspective? And maybe give us some color on how you're driving some margin improvement in the deals as well.

我是代 Jeff 出席的 David Tarantino。能否請你們更新一下 Trachte 和 EPG 的狀況？看起來模組化這個主題在這裡發展得相當不錯。所以能否談談你們對這裡成長面的預期？另外也請提供一些細節，說明你們如何在這些交易案中推動毛利率改善。

Okay. Well, I'll start, and I'll turn it over to Gary. With Trachte and EPG, as you know, we decided that, that was a great platform for us because it extended capabilities from enclosures and integration, and we really thought it was going to be a good way for us to strengthen what we do in utilities and that continues to grow nicely. But in addition to that, we have found that there are significant opportunities in data centers. And so whether it is for modular data centers, whether it is for the gray space.

好的。我先開始，然後交給 Gary。關於 Trachte 和 EPG，如你所知，我們認為那是一個很棒的平台，因為它把能力從機櫃（enclosures）與整合延伸出去；我們也確實認為，這會是強化我們在公用事業領域能力的好方式，而那個領域也持續有不錯的成長。但除此之外，我們也發現資料中心有顯著的機會。因此，不論是模組化資料中心，或是灰色空間（gray space）。

And so there, we're seeing a really nice pipeline of opportunity and have been looking at how do we expand across our current sites to be able to drive our throughput and see some of those opportunities. And I'll let Gary talk to margins.

所以在那裡，我們看到非常不錯的機會管線，也一直在思考如何在現有據點擴充，以提升產出能力（throughput）並把握這些機會。至於毛利率部分，我讓 Gary 來說。

Yes. I'll just start by reminding folks, it's actually one year today that we closed on EPG. So they'll flip to organic here as we move through the second quarter. And look, we're running the playbook on both Trachte and EPG, leveraging our scale to drive synergy. And as we've talked about, EPG has exceeded our expectations, not just on the top line, but on the bottom line as well.

是的。我先提醒大家，今天剛好是我們完成 EPG 併購交割滿一年的日子。因此，隨著我們進入第二季，它們將轉為有機成長的比較基期。而且，我們正在對 Trachte 與 EPG 兩者都套用同一套作戰手冊，運用我們的規模來推動協同效益。正如我們談過的，EPG 的表現超出我們預期，不僅在營收端，也在獲利端。

So we're focused on growth, but the margin expansion is impacting our results as well.

所以我們聚焦在成長，但毛利率擴張也正在影響我們的業績表現。

Okay. Great. And you highlighted orders outside of data center were quite strong as well. I guess how much was driven by power utilities? And are you starting to see some broadening out of the order growth outside of infrastructure?

了解。很好。另外你也提到，資料中心以外的訂單同樣相當強勁。我想問其中有多少是由電力公用事業帶動的？以及你們是否開始看到基礎建設以外的訂單成長更為擴散？

Well, yes, I would say we had double-digit growth in power utilities from a sales standpoint. And so we've had nice orders there. And when we looked at our orders overall, they were up mid-teens. And I think we see strength through our distribution channel, which is really where we see that broad (technical difficulty) across all verticals.

嗯，是的，我會說從銷售角度來看，電力公用事業有雙位數成長。所以那邊的訂單表現不錯。而當我們看整體訂單時，成長在十幾個百分點（mid-teens）。我認為我們也看到透過經銷通路的強勁力道，而那正是我們看到那種廣泛（技術問題）橫跨所有垂直領域的地方。

Alexander Virgo, Evercore ISI.

Alexander Virgo，Evercore ISI。

I appreciate the opportunity to ask you a question. I wondered if I could dig into the order development for a little bit more color. I want to double check what you just said on power utilities up mid-teens. And then just on DC, can you give us a sense of sort of splits or even if it's qualitative rather than quantitative in terms of liquid cooling versus others and sort of a sense of how much of -- it looks like it's about $1.5 billion in the quarter. How much of that is actually DC?

感謝讓我有機會提問。我想更深入了解一下訂單的發展，請多給一些細節。我想確認一下你剛才說的，電力公用事業成長在十幾個百分點（mid-teens）。另外就資料中心（DC）而言，你能否提供一些拆分的概念？即使是定性而非定量也可以，例如液冷相對於其他項目的占比；以及——看起來本季大約是 15 億美元——其中有多少其實是資料中心？

That would be really helpful.

那會非常有幫助。

Well, as we mentioned on orders outside of data centers, our orders grew mid-teens, and that was across commercial resi, that was across infrastructure, that was across industrial. So organic orders were up 40% with most of that -- so you could do the math there with most of that being from data centers. And I will say this, as I mentioned, we've seen really good strength on liquid cooling, but we have with some of our other product lines as well.

嗯，如我們提到的，資料中心以外的訂單成長在十幾個百分點（mid-teens），而且涵蓋商用與住宅（commercial resi）、涵蓋基礎建設、也涵蓋工業。所以有機訂單成長 40%，其中大部分——你可以自己算一下——主要來自資料中心。另外我也要說，正如我提到的，我們在液冷方面看到非常好的強勁需求，但我們其他產品線也同樣如此。

So I mentioned that we've seen strength in the gray space with engineered buildings, with enclosures and power connections. And we've also seen the white space, very strong on liquid cooling, but also power distribution units and our cable management.

所以我提到，我們在灰色空間（gray space）方面看到工程化建築、機櫃（enclosures）與電力連接的需求走強。而在白色空間（white space），液冷非常強勁，同時電力分配單元（PDU）以及我們的線纜管理也很強。

So when I mentioned data centers, every -- well, I'll leave it at that. I think that's probably good color for -- we're just seeing good order growth across the board.

所以當我提到資料中心時，每一個——好，我就先說到這裡。我想這些細節應該已經足夠——我們就是看到各方面的訂單成長都很不錯。

Neal Burk, UBS.

Neal Burk，UBS。

I had a question on the competitive landscape. I know there are a lot of relatively new players in liquid cooling. I know you've talked about having the largest installed base in liquid cooling. But can you just talk about how you see this competitive environment evolving? And do quarters like the one -- like the strong quarter you just reported, does that give you confidence that you're maintaining or even taking share in liquid cooling?

我有一個關於競爭態勢的問題。我知道液冷領域有很多相對較新的參與者。我也知道你們談過自己擁有最大的液冷裝機基礎。但你能否談談你們如何看待這個競爭環境的演變？以及像你們剛公布的這種強勁季度表現，是否讓你更有信心你們在液冷領域維持甚至提升市占？

Well, as we've always stated, our liquid cooling capability, we've developed organically, and we started at three data centers in industrial and medical applications. And so because we have been working in liquid cooling for a while, we think we have good application expertise, good modeling capability that we've got good field experience.

嗯，正如我們一直所說，我們的液冷能力是有機發展出來的，我們最早是在三個資料中心，以及工業與醫療應用中開始的。因此，因為我們在液冷領域耕耘已久，我們認為自己具備良好的應用專業、良好的建模能力，也累積了良好的現場經驗。

And so we're continuing to invest in new products and strengthen our portfolio as well as work with our supply base. And I think it's -- the space is growing so significantly that it's not a surprise that there would be a lot more entrants into the space. But we have confidence in our strategy and our ability to continue to work with various partners from the chip manufacturers to the hyperscalers.

因此我們持續投資新產品並強化產品組合，同時也與我們的供應體系合作。而且我認為——這個市場成長幅度非常大，所以有更多新進者加入並不令人意外。但我們對自身策略以及持續與各類合作夥伴——從晶片製造商到超大規模客戶——合作的能力，仍然充滿信心。

And I mentioned all the other customers that we're working with that we have a good view and have worked road maps in some cases, in some of our next CDUs to launch out to 2030 with some of the chip manufacturers. So we're going to continue to invest, and we're going to continue to build on our portfolio. And what's really important is the ability to scale and deliver for customers. And so we're really focused on that as well.

我也提到我們正在合作的所有其他客戶；在某些情況下，我們對未來有很好的能見度，並且已經與部分晶片製造商共同制定了路線圖，規劃在我們接下來幾個CDU產品中一路推進到2030年的推出。因此我們將持續投資，並將持續擴充我們的產品組合。而真正重要的是具備擴大規模並為客戶交付的能力。因此我們也非常專注於這一點。

Scott Graham, Seaport Research.

Scott Graham，Seaport Research。

Beth, Gary and Tony, great quarter, just flat out. I wanted to ask about inflation a little bit more. I know you said if -- ex tariffs inflation was $20 million. Obviously, we've seen commodities prices rise across the board. I'm just wondering what was the run rate of that number at the end of the quarter?

Beth、Gary 和 Tony，本季表現非常出色，真的沒話說。我想再多問一點關於通膨的問題。我知道你們說如果——扣除關稅影響，通膨是2,000萬美元。顯然，我們看到大宗商品價格全面上漲。我想了解的是，在本季末，這個數字的運行水準（run rate）是多少？

And if it was, in fact, a higher run rate, which I suspect it might have been, are you still increasing prices to catch up to that?

另外，如果它確實是更高的運行水準——我猜可能是——你們是否仍在提高價格以追上這個影響？

Yes, Scott. So we did see elevated inflation in the quarter. And as I mentioned, again, in an earlier question, we have raised our expectations for inflation a little under 1 point for the year. It's really driven by fuel and copper. And we've taken actions in the quarter on pricing.

是的，Scott。所以我們在本季確實看到通膨偏高。如我先前在較早的問題中再次提到的，我們把全年通膨預期上調了不到1個百分點。主要是由燃料與銅所驅動。而且我們在本季已採取定價行動。

And we feel like we can offset this emerging inflation with pricing and productivity for the year. So that's what we're seeing, and we have a playbook to do this, and we've taken action.

我們認為，透過定價與生產力提升，我們可以在今年抵消這波新出現的通膨。這就是我們所看到的情況；我們有一套作戰手冊來做到這點，而且我們已經採取行動。

I wanted to maybe just ask you about a seldom discussed subject because you're so US-centric and you're doing so well state side. Electrification is a secular trend in Europe as well. I was just wondering if -- I know you're kind of capacity max and maybe even people max. But do you have plans to start to -- move into Europe more aggressively over the next couple of years to try to tap some of that opportunity?

我想問一個可能比較少被討論的主題，因為你們非常以美國為中心，而且在美國本土做得非常好。電氣化在歐洲也是一個長期結構性趨勢。我想知道——我知道你們的產能可能已經滿載，甚至人力也接近上限。但你們是否計畫在未來幾年更積極地進軍歐洲，以把握其中一些機會？

Well, the answer to that is yes. And one of the changes that we made a year ago was to put in place a President for both Europe and Asia Pacific to ensure that we had the focus on our customers, to ensure we had focus on growth opportunities, working with our channel partners.

嗯，答案是肯定的。而我們一年前做出的其中一項改變，是設置一位同時負責歐洲與亞太地區的總裁，以確保我們能專注於客戶、專注於成長機會，並與我們的通路夥伴合作。

And as I mentioned, we had growth in Europe. And one of the areas certainly that we see is electrification is both the growth in the need for power as well as data centers are expected to grow more globally. And so we've been making some of those investments for manufacturing capacity in our plants as well as our commercial teams.

如我提到的，我們在歐洲有成長。而我們確實看到的一個領域是：電氣化帶動的不僅是電力需求的成長，資料中心也預期將在全球範圍內成長。因此我們一直在進行一些投資，包括我們工廠的製造產能，以及我們的商務團隊。

Austin Wang, GLJ Research.

Austin Wang，GLJ Research。

Congratulations on a great quarter. I think if you back out the lion's share of the inorganic sales for the quarter, I think you can get to around like an incredible organic growth rate for the total infrastructure vertical that's kind of in the 80s just for 1Q. I know it's chunky. I know we're early in the year here, but like is it fair to think that both overall data centers and liquid cooling and power within data centers are growing around the overall growth rate for that as well?

恭喜你們交出非常亮眼的一季。我認為如果把本季大部分的外生成長（併購帶來的銷售）扣除，你可以得到整體基礎設施垂直領域一個驚人的有機成長率，大概在80%多，就僅就第一季而言。我知道這個數字波動很大。我知道現在還在年初，但這樣想是否合理：整體資料中心，以及資料中心內的液冷與電力相關業務，其成長大致也跟這個整體成長率差不多？

And maybe how do you want us thinking about those businesses growing this year as we head into more difficult compares in the balance of the year?

另外，當我們進入今年剩餘期間、面對更具挑戰性的比較基期時，你希望我們如何看待這些業務今年的成長？

Well, I would say, as you try and look at those different pieces, it is -- you are right. It is very strong growth. And certainly, liquid cooling is significantly growing, but I will share with you that we're seeing some of our other portfolios beyond liquid cooling growing at significant growth rates, both in the gray space and in the white space.

嗯，我會說，當你試著拆解那些不同的部分來看時——你說得沒錯。成長非常強勁。當然，液冷的成長非常顯著；但我也想跟你分享的是，除了液冷之外，我們看到其他一些產品組合也以相當高的成長率在成長，無論是在灰色空間或白色空間。

And so as we look to our backlog and we look to the orders, that's what gave us confidence to raise our guidance is that runway that we have. And as we're adding capacity and new products, we have confidence in what we're going to be able to execute through the back half of the year and set up for '27.

因此，當我們看我們的積壓訂單（backlog）以及訂單狀況時，正是這條成長跑道讓我們有信心上調指引。而隨著我們增加產能並推出新產品，我們對於今年下半年能夠執行到位、並為2027年做好布局充滿信心。

That's great. And do you think we can maybe get a handle on the size of that gray space business last year? I know some of the acquisitions make it a little messy, but maybe just a percentage of overall sales.

很好。那我們是否可以大概掌握一下去年灰色空間業務的規模？我知道一些併購讓數字有點複雜，但也許可以用占總銷售的百分比來說明。

Yes. What we said at Investor Day was 80% white space and 20% gray space.

可以。我們在投資人日所說的是：80%白色空間、20%灰色空間。

Got it. And that's within the total data center business. Okay.

了解。而這是在整體資料中心業務之內。好的。

This concludes our question-and-answer session. I would like to turn the conference back over to Beth Wozniak for any closing remarks.

問答環節到此結束。我想把電話會議交回給 Beth Wozniak，請她做結語。

All right. Well, I want to end by saying today is May 1, which actually is our birthday today. So it's a great day for our employees to celebrate. But I want to thank everyone for joining us today. We're confident in our strategy, which has remained consistent, our ability to execute.

好的。我想最後先說，今天是5月1日，其實也是我們的生日。所以對我們的員工來說，今天是個很棒的慶祝日。但我也要感謝各位今天加入我們。我們對我們的策略——一直以來都保持一致——以及我們的執行能力充滿信心。

We have many growth opportunities and multiple levers to expand margins. And we significantly raised our midterm targets at our Investor Day to reflect these opportunities. I'm proud of our performance in the first quarter. We will continue to focus on delivering for our customers, employees and shareholders. nVent is a top-tier high-performance electrical company, well positioned for the electrification, sustainability and digitalization trends.

我們有許多成長機會，也有多個槓桿可以擴大利潤率。我們在投資人日大幅上調了中期目標，以反映這些機會。我為第一季的表現感到自豪。我們將持續專注於為客戶、員工與股東交付成果。nVent 是一家一流的高績效電氣公司，在電氣化、永續與數位化趨勢下具備良好定位。

Thanks again for joining us. This concludes the call.

再次感謝各位加入我們。本次電話會議到此結束。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次會議現已結束。感謝各位參加今天的簡報。您現在可以掛線。